About this fund

RobecoSAM Global SDG Credits invests in a diversified portfolio of global investment grade corporate bonds complemented by best opportunities in high yield and emerging markets. The selection of these bonds is based on fundamental analysis. The fund applies a screening process to select issuers that contribute to realizing the UN Sustainable Development Goals (SDGs) goals. The methodology used in the screening process assesses the SDG contribution of all companies it invests in to create the fund’s investable universe. The fund excludes companies that contribute negatively to these goals. Engagement, ESG Integration and Robeco's exclusion policy also form part of the investment policy.

The value of the investments may fluctuate. Past performance is no guarantee of future results.Annualized (for periods longer than one year).Cumulized (total amount of return).Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.Performances are net of fees and based on transaction prices.

Fund

Reference index

The value of the investments may fluctuate. Past performance is no guarantee of future results.Annualized (for periods longer than one year).Cumulized (total amount of return).Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.Performances are net of fees and based on transaction prices.

Market development

The Global Aggregate Corporate Bond Index returned +0.37% (hedged in euro) as credit spreads tightened and risk free rates moved higher. The 10-year US Treasury yield increased 9 basis points to 2.5%, and the German 10-year yield increased 8 basis points to 0.01%. The credit spread on the Global Corporate Bond Index decreased 10 bps to 1.14%. Markets remained strong in April. However, there was more dispersion between them. As economic data is improving in Asia and the US, investors believe the credit cycle will last a bit longer. The improvements are not yet broad based and risks to the downside remain present. As negotiations between the US and China progress, markets are getting more comfortable a trade deal will materialize. The Global Corporate Bond Index delivered a positive excess return of +0.93% versus government bonds. US corporate bonds underperformed European corporate bonds with excess returns of +0.92% and +1.03% respectively. High yield (+1.41%) outperformed and emerging market credits (+0.75%) underperformed global investment grade markets.

Fund Classification

Currency policy

Derivative policy

The fund fund make use of derivatives for hedging purposes as well as for investment purposes.

Dividend policy

This share class of the fund does not distribute dividend.

ESG Integration policy

The prime goal of integrating ESG factors in our analysis is to strengthen our ability to assess the downside risk of our credit investments. Our analysts include RobecoSAM sustainability data and use external sources to make an ESG assessment as a part of the fundamental analysis.

Investment policy

RobecoSAM Global SDG Credits invests in a diversified portfolio of global investment grade corporate bonds. Core of the portfolio is invested in investment grade credits, complemented by best opportunities in High Yield and Emerging Markets The selection of these bonds is based on fundamental analysis. The fund aims to contribute to realizing the UN SDG goals by assessing the SDG score of all companies in the universe. The fund does not invest in companies that do not contribute to these goals. The investment philosophy is based on managing a solid diversified portfolio with a long term view. Companies that don't contribute to the realization of the SDG Goals as set by the UN are excluded from the universe. Top-down beta positioning is based on the outcome of our credit quarterly outlook meeting, which defines the current credit environment and where we are in the credit cycle. This analysis is based on a fundamental, valuation and technical perspective. Bottom-up issuer research is executed by our credit analysts, who undertake the fundamental analysis. Analyst research reports are discussed in approx. 500 credit committees per year. The portfolio managers are responsible for the portfolio construction. A proprietary developed risk management approach avoids high risk concentration in the portfolio. As the investment process is well-structured and proven over time, it contributes to repeatable performance delivery.

Expectation of fund manager

Macro data in Europe and Asia have clearly bottomed. European data is lagging, which cannot be dissociated from the fact that Europe’s export-driven economy is dependent on the well-being of China and the US. The data is not improving across the board but on aggregate it looks better. Corporate earnings have so far been stable. Even in sectors such as automotive, which showed very weak numbers last year, were able to improve. Markets in general have become more upbeat about future earnings and a prolonged cycle. US treasury rates have moved up in the past two months but remain well-behaved as the Fed has not changed its rhetoric and data is not strong enough to push the long-end up materially. In Europe, Italy and Brexit fears have been put aside for now.

Victor Verberk,Reinout Schapers

Victor Verberk,Reinout Schapers

Mr. Verberk is Head and Portfolio Manager Investment Grade Credits since January 2008. Prior to joining Robeco in 2008, Mr. Verberk was CIO with Holland Capital Management. Before that he was employed by Mn Services as Head of Fixed Income and he worked for AXA Investment Managers as Portfolio Manager Credits. Victor Verberk started his career in the investment industry in 1997. Mr. Verberk holds a Master's degree in Business Economics from Erasmus University, Rotterdam and has been a CEFA holder since 1999. Mr. Schapers is Portfolio Manager Emerging Market Credits in the Credit team. Prior to joining Robeco in 2011, Reinout worked at Aegon Asset Management for 5 years where he was a senior portfolio manager high yield credits and was Head of High Yield Europe since 2008. Before that, he worked at Rabo Securities as an M&A associate and at Credit Suisse First Boston as a corporate finance analyst. He holds an Engineering degree in Architecture from the Delft University of Technology. He has been active in the industry since 2003.

Cost of this fund

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Fiscal product treatment

The fund is established in Luxembourg and is subject to the Luxembourg tax laws and regulations. The fund is not liable to pay any corporation, income, dividend or capital gains tax in Luxembourg. The fund is subject to an annual subscription tax ('tax d'abonnement') in Luxembourg, which amounts to 0.05% of the net asset value of the fund. This tax is included in the net asset value of the fund. The fund can in principle use the Luxembourg treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific circumstances before deciding to invest in the fund.

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